'Our obsession with ownership is at a tipping point': As he gives £1m to UK start-ups Richard Branson reveals why he's backing the sharing economy

Sir Richard Branson's Virgin Group may have seen its value drop by a third thanks to Brexit but it's not enough to put him off investing entirely - especially in the sharing economy.

The London-born businessman - reportedly worth more than £3billion - spoke out this week over his dismay at Britain's surprise vote to leave the EU.

But while Sir Richard claimed on ITV's Good Morning Britain that the UK's departure from the EU has forced him to scrap a deal that would have created 3,000 new jobs, he's still backing Britain's potential star entrepreneurs of the future and believes ownership isn't the future..

He explained why to This is Money's Eleanor Lawrie and gave us some tips for entrepreneurs.

TV appearance: Sir Richard and supermodel Tyra Banks (left), with whom he is working on a business pitching competition, with DailyMail.com U.S. Editor-at-Large Piers Morgan and Susanna Reid on (right) on ITV today

As one of the most famous entrepreneurs in the world, Sir Richard Branson certainly knows a thing or two about what makes a successful business - and he's happy to put his money where his mouth is.

He's just given away a collective £1million to the start-ups and small businesses who most impressed him through the 2016 Virgin Media Business 'VOOM' competition.

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MacRebur Limited won the best start-up category, securing a prize package worth £450,000.

It has patented a method and of mixing waste plastics with bitumen, to produce a new asphalt road material, which the company says will 'revolutionise the world's roads'.

Besides the companies he's backing through the VOOM competition, Sir Richard explained why he is also putting his weight behind the sharing economy, with investments in companies such as taxi-apps Uber and Hailo.

He also shared his advice for entrepreneurs hoping to follow in his footsteps.

Vooming to success: Sir Richard with fellow VOOM judges and the winning team from MacRebur Limited

Where do you think the biggest business opportunities will come from over the next decade?

We should all seek to innovate, or be curious about innovation. Innovation truly is one of our greatest gifts. It’s worrying to think more than half the world’s population lacks internet access and therefore lacks an equal opportunity to improve their lives.

The OneWeb satellite programme plans to tackle that head on by launching a constellation of satellites which we hope will provide billions of people with access to the internet.

I think our obsession with ownership is at a tipping point and the sharing economy is part of the antidote for that

And as people’s access to the internet grows we’re seeing the sharing economy boom – I think our obsession with ownership is at a tipping point and the sharing economy is part of the antidote for that.

And sharing economy disruptors are appearing in almost every marketplace now.

I myself have invested in Uber and Hailo, I think they offer great alternatives to disrupt markets that have remained unchanged for many years.

Looking at our finalists for Virgin Media Business VOOM this year, we’ve got another set of entrants who are doing just that, and pushing the boundaries of their industry – innovation is certainly alive and well.

What is the most memorable pitch you have ever been on the receiving end of and why?

There have been so many over the years due to the numerous entrepreneur programs I’ve been lucky enough to be part of.

VOOM has been going for five years now and I’ve seen some incredible pitches come through that. Last year’s winner Jeff [Paterson], from Fourex [a kiosk business that swaps coins and notes for other currencies], comes to mind.

He started the pitch by handing each judge a jar of money – so immediately I was intrigued. He then addressed a problem that myself and the entire room could identify with and presented a simple yet innovative resolution.

He’d also thought about his pitch from all angles - when I quizzed him further over a particular issue he was ready with a great response. [Read our article on Fourex's win here].

But pitches can be memorable for different reasons, presenting something completely new to bringing different theatrics into it.

On their toes: Sir Richard has invested in the likes of car hailing app Uber, which is shaking up the taxi industry

What is your biggest regret? And what is the best piece of advice you could give someone starting their own business?

I’ve been taught not to have any regrets. If we were to add up all of the hours spent regretting mistakes and use that time to develop new ideas, who knows how many brilliant new businesses would be created.

Having no regrets makes way for the best piece of advice I can give - don’t be afraid of failure.

All successful people – not just entrepreneurs – have got things wrong over and over again before finding the right solution.

Failing can provide invaluable lessons and making mistakes and experiencing setbacks is part of the DNA of every successful entrepreneur.

What is the biggest obstacle facing entrepreneurs in Britain today?

I think it’s important we continue to find new ways for start-up businesses to get access to funding, mentorship and business advice.

Just over two and half years ago we started Virgin StartUp and since then more than 1,100 businesses have received start-up loans to the value of over £11million.

Mentor hours stand at nearly 35,000 and we’ve seen businesses spring up all across the country.

I also know, as an entrepreneur myself, you face new obstacles every day and you need to have the perseverance to see them through.

After my friends and I launched Virgin, it wasn’t all smooth sailing, especially when we entered new industries.

Learning on the job has been a defining characteristic of our team’s experience.

From Virgin Records to Virgin Hotels, every day has brought a different challenge, which, once overcome, teaches us another useful lesson.

THE WINNERS OF THE VIRGIN MEDIA VOOM AWARDS

Best start-up: MacRebur Limited

MacRebur has patented a method and of mixing waste plastics with bitumen, to produce a new asphalt road material, which the company says will 'revolutionise the world's roads'.

The creation, named Plasmac, produces a 60 per cent stronger road compared to standard asphalt on British roads, and aims to reduces potholes and expand the lifestyle of a road.

The material incorporates waste plastics like bags, bottles, film wrapping and cups, reducing the environmental impact of the disposal of these materials.

eFOLDi: A versatile electric scooter that folds into a suitcase and a chair.

Vibe Tickets: An ethical marketplace for tickets.

Best for growth: Bio-bean

Bio-bean is a clean technology company that recycles waste coffee grounds into advanced biofuels.

It owns and operates the world’s first coffee waste recycling factory with capacity to process 50,000 tonnes of waste coffee grounds a year, the equivalent of one in ten cups of coffee drunk in the UK.

In addition to supplying this biomass back to the producers of the waste coffee grounds, the company also makes 'coffee logs' - briquettes which can be used to heat the home or a bbq.

Sibberi: A 'tree water' made of clear tree sap that four times lower in sugar than coconut water and stocked in the likes of Whole Foods and Waitrose.

Crowdfunder Award winner: What A Melon

A watermelon water hoping to take the place of coconut water in the nation's hearts - or fridges. The company has crowdfunded more than £110,000 to host a party at Brixton Beach in South London with a set by Groove Armada as part of its marketing efforts.

Prize: £50,000 cash

Great Award winner: Trustedhousesitters

An online subscription-based community helping connect pet owners who need a sitter with trustworthy people who want to housesit. Trustedhousesitters has members in 140 countries and has helped arrange more than 1million nights of petsitting.

Prize: One-to-one mentoring session at 10 Downing Street with one of the Prime Minister’s business ambassadors.

Impact Award winner: Paint 360

This company re-engineers waste paint into quality emulsion paint for facility management and social housing. It uses waste paint from household waste recycling centres and re-engineers it into new paint with a minimum 80 per cent recycled content.

Paint 360 also provides work for the long-term young unemployed and has provided permanent jobs for 14 people.